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CIBC World Initiates Autodesk with Outperform


From Standard & Poor's Equity Research

CIBC World initiated analytical coverage of Autodesk (ADSK) with an outperform rating and set a $42 target price.

Analyst Philip Winslow says he thinks the company remains well positioned for robust future revenue, operating profit, and free cash flow growth given its sustainable competitive advantages and opportunity for operating margin leverage. Winslow thinks migration of Autodesk's large installed base, consisting mostly of 2D AutoCAD products, to the company's higher-priced 3D solutions, is the most significant revenue opportunity for the company. He notes 3D migration has just begun. Winslow also sees Autodesk expanding market share in the manufacturing market.

The analyst expects the company to post EPS of $1.51 in fiscal 2007 (ending January and $1.86 in fiscal 2008, excluding stock option expense.


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